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Samreen Ahmad · · 1 min readAmazon scores big as India’s top court halts Reliance-Future multibillion-dollar deal
”India’s Supreme Court ruled in favor of Amazon’s efforts to halt the sale of indebted, cash-starved Future Retail to Reliance Industries, in a big boost to the global retailing giant’s ambitions of dominating the crucial US$1 trillion retail market,” stated a Bloomberg report.
Details:
- The verdict marks the end of a bitter battle between Jeff Bezos’ Amazon and India’s second-largest supermarket chain, Future Retail, which was set to be acquired by Mukesh Ambani’s Reliance Industries in a deal valued at US$3.4 billion.
- Following the blow, Ambani’s Reliance Industries and Future Retail will now have to make their case in arbitration proceedings in Singapore.
Dive deeper:
- Amazon, which owns a stake in another unlisted unit of Future Group (the parent firm of Future Retail), went to the Singapore arbitration court, accusing Future Group of violating a partnership contract when it agreed to sell Future Retail’s wholesale, warehousing, logistics, and other retail assets to Ambani’s conglomerate last year.
- The fight highlights the stakes in India’s rocketing retail market, where US retailers Amazon and Walmart are fighting Ambani’s homegrown firm for supremacy.
Editing by Miguel Cordon and Arpit Nayak
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